LIVE UPDATES
The Senate has given a poor rating to the executive branch for its handling of the capital portion of the 2024 budget, emphasizing the need for government ministries and agencies to effectively implement the budget.
Additionally, the Senate has called on the Federal Government to increase its efforts in funding the capital components of the three national budgets currently in effect.
During a panel discussion with the Minister of Finance, Wale Edun, and the Accountant General of the Federation, Oluwatoyin Madein, Senator Solomon Adeola, the Chairman of the Senate Committee on Appropriation, expressed concern over the inadequate funding of capital projects and urged the Coordinating Minister for the Economy to address this issue.
Adeola stressed the importance of the capital component in demonstrating the government's performance through various projects.
He also highlighted the unsatisfactory achievement of N1.84bn out of a N9tn capital expenditure component, underscoring the need for improved engagement with government ministries and agencies to ensure effective implementation of capital projects.
Furthermore, Adeola urged the minister to enhance communication with the ministries and agencies, as some of them were reportedly unaware of changes in the funding process for capital projects.
He emphasized the importance of ongoing engagement to ensure that all relevant parties are informed about the new payment procedures.
